Leidos Headquarters To Be In Reston, VA
Planned National Security, Health and Engineering Solutions Company Leidos Signs Lease For Office Space in Reston Town Center
MCLEAN, Va., Aug. 12, 2013 /PRNewswire/ -- Science Applications International Corporation (SAIC) (NYSE: SAI) announced today that its national security, health and engineering solutions business, which will be named Leidos, will be headquartered in Reston, Va.
The company signed a lease with Boston Properties for office space located at 11951 and 11955 Freedom Dr., named One and Two Freedom Square respectively, within the Reston Town Center complex. About 150 employees will immediately occupy the space, with another 450 moving in overtime as renovations are completed.
"The selection of the headquarters location for Leidos was made after careful consideration of many options," said SAIC COO Stu Shea, future President and COO of Leidos. "We did careful analysis of where employees live and also mapped out key customer locations to inform our decision."
The team also considered quality of life, traffic patterns and potential commute times for employees, among other factors.
"Reston makes sense for Leidos – it's easily accessible and the amenities are world class. The new facility will be more conveniently located for our employees and still gives us easy access to key customers in the area," Shea said.
The company is moving from a campus environment, where all employees are housed and congregate, to a true headquarters environment where primarily the leadership team and some corporate functions reside.
"With such a large percentage of our employees working side-by-side with our customers each day – this approach makes sense for Leidos," Shea said.
"The Greater Reston Chamber of Commerce is excited that Leidos has decided to headquarter in the fast-growing and vibrant Reston business corridor," said Mark Ingrao, President and CEO of the Greater Reston Chamber of Commerce. "Leidos' presence in the community will complement the professional services, IT and technology firms that comprise the majority of the 2,400 companies located here. We look forward to developing a strong and long-term relationship with Leidos and its employees."
Executive Vice President of Boston Properties Raymond A. Ritchey, said, "With this transaction, Leidos will be one of the largest tenants in the complex. Leidos' decision reinforces Reston's position as one of the best office markets for Fortune 500 companies in Northern Virginia. "
As previously announced, pending final approval of SAIC's Board of Directors, SAIC plans to separate into two, independent, publicly traded companies in the latter half of the company's current fiscal year. The separation is planned to occur through a spin-off of the company's technical, engineering and enterprise information technology services business, which will continue the SAIC name and remain headquartered at 1710 SAIC Drive in McLean, Va.
SAIC is a FORTUNE 500® scientific, engineering, and technology applications company that uses its deep domain knowledge to solve problems of vital importance to the nation and the world, in national security, energy and the environment, critical infrastructure, and health. The Company's approximately 38,000 employees serve customers in the U.S. Department of Defense, the intelligence community, the U.S. Department of Homeland Security, other U.S. Government civil agencies and selected commercial markets. Headquartered in McLean, Va., SAIC had annual revenues of approximately $11.2 billion for its fiscal year ended January 31, 2013. For more information, visit www.SAIC.com. SAIC: From Science to Solutions®
Statements in this announcement, other than historical information, constitute forward-looking statements that involve risks and uncertainties. Forward-looking statements in this release include, among others: our intent to separate into two independent publicly traded companies as a result of the proposed spin-off; the timing of the proposed transaction; and expectations for the two independent companies following the spin-off. These statements reflect our belief and assumptions as to future events that may not prove to be accurate due to a number of factors that include, but are not limited to, failure to obtain necessary regulatory approvals or to satisfy any of the other conditions to the proposed spin-off; failure to realize the expected benefits of the proposed spin-off. the impact of the proposed spin-off on the company's or the newly formed company's employees, customers and suppliers; disruption to business operations as a result of the proposed transaction; the inability to retain key personnel; and the inability of the companies to operate independently following the spin-off. For further information concerning risks and uncertainties associated with our business, please refer to the filings we make from time to time with the U.S. Securities and Exchange Commission, including the risk factors set forth in SAIC's Annual Report on Form 10-K for the period ended January 31, 2013, subsequent quarterly reports on Form 10-Q, the Form 10 filed by SAIC Gemini, Inc., as amended, and other such filings that SAIC makes with the SEC from time to time, all of which may be viewed or obtained through the Investor Relations section of our web site at http://www.saic.com. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof.
About Boston Properties
Boston Properties is a fully integrated, self-administered and self- managed real estate investment trust that develops, redevelops, acquires, manages, operates, and owns a diverse portfolio of Class-A office space, one hotel, three residential properties and four retail properties. The Company is one of the largest owners and developers of Class-A office properties in the United States, concentrated in five markets - Boston, New York, Washington, D.C., San Francisco, and Princeton.
Boston Properties, Inc.
About The Greater Reston Chamber of Commerce
The Greater Reston Chamber of Commerce is the catalyst for business growth and entrepreneurship by providing quality programs, education, connections and advocacy for our members and organizations in the Dulles Corridor. Learn more at www.RestonChamber.org.
Amy Marlow, Communications Director
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